US EditionPakistan’s SadaPay Parent Firm Papara Faces Money Laundering Investigation in Turkey
- Turkish authorities detained 13 individuals on Tuesday, including Papara's founder Ahmed Faruk Karslı, in an Istanbul-led investigation.
- The investigation began due to suspicions that Papara facilitated money laundering and illegal online betting through its fintech platform.
- Prosecutors allege the suspects operated a criminal network using 26,012 Papara accounts for over 12.8 billion lira in betting-related transactions.
- Authorities seized assets valued around 5 billion lira, including 74 vehicles, multiple properties, yachts, and 23 companies such as Flash TV and Pozitifbank.
- The court appointed the Savings Deposit Insurance Fund as trustee over Papara and imposed daily transaction limits amid ongoing probes into illicit activities.
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13 Articles
Pakistan’s SadaPay parent firm Papara faces money laundering investigation in Turkey
Turkish authorities have detained 13 individuals, including the founder and chairman of fintech firm Papara, Ahmet Faruk Karslı, as part of a wide-ranging investigation into alleged money laundering, illegal betting operations, and the formation of a criminal organization. The announcement was made by Interior Minister Ali Yerlikaya on Tuesday. Founded in 2015, Papara received its electronic money institution license from Turkey’s Banking Regula…
Seventeen people were detained over allegations of manipulation in some transactions in the Borsa İstanbul (BİST) equity market. After determining that the shares of Türk Prysmian Kablo ve Sistemleri AŞ (PRKAB) and Doğan Burda Dergi Yayıncılık ve Pazarlama AŞ (DOBUR) were manipulated through the social media pages named “Hektor, Hektor As and Borsa Dostlar Konağı,” the Istanbul Chief Public Prosecutor’s Office initiated proceedings against 17 su…
Temporary Daily Transaction Limits Imposed on Papara
ISTANBUL (AA) – The Central Bank of the Republic of Türkiye (TCMB) has announced that Papara Elektronik Para A.Ş. has been placed under the trusteeship of the Savings Deposit Insurance Fund (TMSF), and temporary daily transaction limits have been introduced for payment operations. The move comes as part of an investigation launched by the Istanbul Chief Public Prosecutor’s Office, following reports submitted by the Financial Crimes Investigation…
Did Papara crash? Breaking news: Did Papara close, why did it close and when will it open? Transferred to the Savings Deposit Insurance Fund (TMSF) as part of the illegal betting investigation, Papara operations have been temporarily suspended. The fact that money transfers, other banking transactions and deposits in the system cannot be transferred to other accounts via the application has become a topic of discussion among users. Official stat…
13 detained in illegal betting probe targeting Turkish fintech firm Papara - Turkish Minute
Turkish police have detained 13 people, including the founder of the prominent fintech company Papara, as part of a sweeping investigation into illegal betting operations allegedly conducted through the platform, Interior Minister Ali Yerlikaya announced on Tuesday. The probe, led by the İstanbul Chief Public Prosecutor’s Office, accuses the suspects of running an organized crime network involved in illegal gambling, money laundering and members…
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